The New Loan Sample Clauses

The New Loan. 2A.1 New Loan.

The New Loan. As an accommodation to Contributors, the Operating Partnership agrees to cause IRT UPREIT Lender, LP, a Delaware limited partnership (“New Lender”), to fund a new loan (such new loan, the “New Loan”) to Contributors pursuant to the terms of the New Loan Documents (as hereinafter described) immediately prior to Closing in an amount necessary to defease the Existing Loan upon the following express conditions precedent: (i) The receipt by the Operating Partnership of a fully-executed settlement statement reflecting all closing costs (including the costs of any title insurance premiums necessary for the Title Company to issue an owner’s policy for the Property (the “Title Premiums”)), sources of funds and payments necessary to consummate the Closing contemplated herein as approved by the parties hereto. (ii) Escrow Agent has acknowledged receipt, in escrow, of each and every closing deliverable identified at Section 3.3 (a) originally executed and acknowledged where necessary by Contributors, the release of such documents and instruments from escrow conditioned solely on (i) the receipt by Escrow Agent, by wire transfer of immediately available funds, of the net proceeds of the New Loan in an amount necessary to complete the Defeasance, (ii) the receipt by Escrow Agent, by wire transfer of immediately available funds, of any Cash Consideration payable pursuant to Section 1.2(d) hereof, (iii) acknowledgement by Escrow Agent that Escrow Agent is in possession of each and every closing deliverable identified at Section 3.3(b), and (iv) authorization by the Operating Partnership to Escrow Agent to release the items described at (i), (ii) and (iii) hereof. (iii) The Existing Lender has acknowledged that each and every condition to the Defeasance (including but not limited to the receipt by Existing Lender of originally executed Defeasance Security Agreement, evidence of formation and authority of the successor borrower, any necessary loan assumption documents by such successor borrower, any required opinions and other required closing deliverables) has been satisfied except for payment for the Defeasance Collateral (as defined in the Existing Note) as directed by Existing Lender. (iv) Escrow Agent has acknowledged receipt of any and all documents from Existing Lender evidencing the release of the lien evidenced by the Existing Loan, which are originally executed and acknowledged where necessary, and Escrow Agent has the authority upon funding the net proceeds of th...

The New Loan. The Company will make application for a revolving loan from Colorado State Bank, Denver, Colorado for a new loan, which includes and is consolidated with the Original Loan, in the principal amount of $2,000,000 bearing interest at 1% over the annual rate paid by the Bank on one-year certificates of deposit issued by the Bank, with interest only payable monthly and with principal and accrued and unpaid interest due and payable in full one year from the date of making of the loan (the "Loan"), subject to renewals for four years. If the Loan is approved by the Bank, the Company will have drawn $1,000,000 from the Bank, as of the closing of the transaction contemplated hereby, by virtue of the Original Loan. Any future borrowings on the Loan from the Bank must be approved by the Pledgor. Any net proceeds from the Loan used to provide capital to the Broker shall be in the form of a subordinated loan agreement as defined in 17 CFR 240. 15c3-1d. The Broker shall file the documents required under 17 CFR 240.15c3-1d with NASD for approval. The proposed agreement shall not be a satisfactory subordination agreement until the NASD has found the agreement acceptable and such agreement has become effective in the form found acceptable.

The New Loan